Advanced talks are underway with European investors on the establishment of a new Hungarian national airline, based in Budapest, National Development Minister Tamas Fellegi said on Monday.

A shareholders’ agreement is expected to be reached in the spring of 2012, Mr Fellegi said.

Mr Fellegi said he had made a verbal agreement with Joaquin Almunia, EU commissioner for competition policy, that the government would not sell troubled national carrier Malev until an EU investigation of illegal state aid for the airline is completed and a decision is announced.

There is no "plan B" for Malev, he said, adding that it was by no accident that the airline did not appear in the 2012 budget bill.

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